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The KGAL Group has strengthened its position in the Scandinavian wind energy market by acquiring two southern Swedish wind farms with a combined power of 46.8 MW. With this move, the independent asset and investment manager has upped its total capacity in the onshore wind sector to 640 MW. KGAL acquired the wind farms from Swedish project developer Eolus.
At the end of 2017, the KGAL Group entered into a share purchase agreement for the Sötterfällan (ten wind turbines) and Anneberg (three wind turbines) wind farm projects with a combined installed capacity of 46.8 MW. “We see a positive investment environment in Sweden,” explained Matej Lednicky, Head of Infrastructure Transaction Management at KGAL Investment Management GmbH & Co. KG. Moreover, Sweden’s wind energy profile offers the company the precise portfolio diversification that it was looking for. Both new wind farms were acquired as investments from a single institutional account operated by KGAL specifically for renewable energies. We anticipate that they will be put into operation in the fourth quarter of 2018 (Anneberg) or in the second quarter of 2019 (Sötterfällan). The 13 turbines are Vestas V136 models and run at 3.6 MW each. They will be set up ready for use by the seller.
The Sötterfällan wind farm is around 20 km west of Jönköping. The Anneberg wind farm is near to the Tidaholm area and is situated approximately 35 km north of the farm in Sötterfällan. The plants are the third and fourth projects that KGAL has acquired in southern Sweden. The wind farms in Gunillaberg (four turbines) and Lunna (three turbines) have already been in operation since August 2017.
“Sweden is one of the most attractive growth markets for onshore wind energy right now,” explained Michael Ebner, spokesperson for the Management Board of KGAL Investment Management GmbH & Co. KG. The market is well established. Furthermore, Sweden has committed to switching to 100 percent renewable energy by 2040. Michael Ebner: “This means we will be able to acquire further projects and create synergies in existing ones over the course of the year.”